California State Teachers Retirement System decreased its position in Glatfelter (NYSE:GLT) by 10.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 76,947 shares of the basic materials company’s stock after selling 8,730 shares during the period. California State Teachers Retirement System owned about 0.18% of Glatfelter worth $1,504,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of GLT. BlackRock Inc. boosted its holdings in shares of Glatfelter by 47,120.4% in the first quarter. BlackRock Inc. now owns 5,571,062 shares of the basic materials company’s stock valued at $121,116,000 after acquiring an additional 5,559,264 shares in the last quarter. Victory Capital Management Inc. purchased a new stake in shares of Glatfelter in the second quarter valued at about $29,208,000. Denver Investment Advisors LLC boosted its holdings in shares of Glatfelter by 181.3% in the second quarter. Denver Investment Advisors LLC now owns 781,173 shares of the basic materials company’s stock valued at $15,264,000 after acquiring an additional 503,438 shares in the last quarter. Deroy & Devereaux Private Investment Counsel Inc. boosted its holdings in shares of Glatfelter by 68.7% in the second quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 686,238 shares of the basic materials company’s stock valued at $13,409,000 after acquiring an additional 279,444 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Glatfelter by 6.4% in the first quarter. Vanguard Group Inc. now owns 3,994,968 shares of the basic materials company’s stock valued at $86,850,000 after acquiring an additional 240,676 shares in the last quarter. 90.00% of the stock is currently owned by institutional investors and hedge funds.
In related news, EVP John P. Jacunski sold 6,674 shares of the firm’s stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $20.85, for a total value of $139,152.90. Following the completion of the sale, the executive vice president now owns 57,464 shares in the company, valued at $1,198,124.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is owned by company insiders.
Glatfelter (NYSE:GLT) last announced its quarterly earnings data on Tuesday, October 31st. The basic materials company reported $0.50 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.11. Glatfelter had a net margin of 0.11% and a return on equity of 7.96%. The firm had revenue of $413.00 million during the quarter, compared to analysts’ expectations of $402.74 million. During the same quarter last year, the business earned $0.54 earnings per share. The business’s revenue for the quarter was up 2.0% compared to the same quarter last year. research analysts forecast that Glatfelter will post 1.13 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 1st. Investors of record on Wednesday, October 11th were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 2.61%. The ex-dividend date was Tuesday, October 10th. Glatfelter’s dividend payout ratio (DPR) is 1,733.33%.
Several brokerages have recently weighed in on GLT. ValuEngine downgraded shares of Glatfelter from a “buy” rating to a “hold” rating in a report on Tuesday, November 14th. Zacks Investment Research cut shares of Glatfelter from a “hold” rating to a “strong sell” rating in a research note on Thursday, August 3rd. Finally, BidaskClub cut shares of Glatfelter from a “hold” rating to a “sell” rating in a research note on Friday, August 25th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $21.25.
Glatfelter Company Profile
P. H. Glatfelter Company is a manufacturer of specialty papers and fiber-based engineered materials. The Company operates through three business units: Composite Fibers, Advanced Airlaid Materials and Specialty Papers. Its Composite Fibers business unit is engaged in the sale of single-serve tea and coffee filtration papers, non-woven wallcovering materials, metallized papers, composite laminates papers, and various technically special papers, including substrates for electrical applications.
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